IXICO plc (AIM: IXI), the digital technologies company serving neuroscience, has received notification from one of its pharmaceutical clients of its decision to stop the screening, randomisation and dosing in a Phase II/III clinical study in Alzheimer’s Disease in which IXICO is providing specialist imaging clinical trial services.
The contract had previously expanded in September 2017 to a value of $7.7 million to the end of 2024. Over the past three years, IXICO has recognised $2.0 million of this total. The cessation of this trial is not expected to materially impact performance in the current financial year. The client’s decision to stop the study was not related to IXICO’s performance. The Company remains on track to deliver double-digit revenue growth, generating revenues in excess of £4.5 million, and meet market expectations for the current financial year.
The Company has a strong order book, a broad pipeline of opportunities and commercial momentum which will support the continued growth of the business beyond the current financial year.
Giulio Cerroni, Chief Executive Officer of IXICO, said: “We continue to provide our analytical services for subjects already enrolled on this clinical trial. We are also working closely with our client to plan patient follow up and data analysis activities as the study is closed down. Whilst it is disappointing that this project will not continue for the full contract term, our broad neurological focus, order book and pipeline mitigates such challenges that can arise in our client’s clinical development programmes.”